12 Jan 2015 08:56
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Don't have an account? Click here to register.Sector movers: Energy stocks tank as oil-price plunge intensifies
Wed, 10th Dec 2014 15:43
Stocks in the oil producing and oil services sectors were hit by renewed selling pressure on Wednesday as crude prices dropped to fresh five-year lows.A weaker demand forecast from OPEC and a surprise increase in US crude inventories were weighing heavily on oil prices in afternoon trade, with Brent crude dropping 3.6% to $64.47 a barrel in London and West Texas Crude tumbling 4% to $61.23 a barrel in New York.Brent, having traded at above $100 a barrel until September this year, hasn't fallen this low since mid-2009 as concerns about the supply-demand imbalance intensified.OPEC estimated that demand for its oil would total just 28.92m barrels per day next year, around 280,000 barrels less than its previous forecast and less than the 29.4m barrels a day in 2014.Meanwhile, data from the US Energy Information Administration revealed that US crude stockpiles actually increased by 1.45m barrels in the week to 5 December, compared with a 3.69m drop previously and expectations for a 2.70m fall.Oil major BP was trading 1.5% lower after warning of $1bn of restructuring charges over the next five quarters. Details of the charges will be given with each quarter's results, though the majority of the costs are expected to be related to job cuts.Sector peers Tullow Oil, Premier Oil, Afren, BG Group, Ophir Energy, Enquest and Faroe Petroleum were suffering steep losses.Shares in oil equipment, services and distribution were also falling sharply on the back of fears that producers and explorers will cut back or delay project spend until oil prices recover. Petrofac, Wood Group and Hunting all dropped sharply.BP had already told investors in October that capital expenditure (capex) would fall by $1bn-2bn in 2015 against earlier guidance of $24bn-26bn.The company said on Wednesday that it is still looking "pare or re-phase" capex as part of its 2015 plan, "recognising the current outlook for oil prices". Top performing sectors so far todayForestry & Paper 11,589.98 +2.77%Technology Hardware & Equipment 1,153.48 +1.43%General Industrials 3,876.84 +1.41%Insurance (non-life) 1,884.69 +0.84%Support Services 6,337.15 +0.81%Bottom performing sectors so far todayOil Equipment, Services & Distribution 16,145.66 -2.22%Oil & Gas Producers 6,858.63 -2.00%Mining 14,097.65 -1.36%Automobiles & Parts 7,883.96 -1.26%Software & Computer Services 1,208.15 -1.12%
More News
12 Jan 2015 08:47
UPDATE 1-Rig maker Lamprell expects 2015 revenue below current view
(Adds details, share movement) Jan 12 (Reuters) - Rig-maker Lamprell Plc said the slump in oil prices hurt its ability to secure new business, and that it expected its revenue for this year would be about 10 percent below current expectations. Shares in the British company fell as muc
Read more12 Jan 2015 07:40
Rig maker Lamprell expects 2015 revenue below current view
Jan 12 (Reuters) - British rig maker Lamprell Plc said revenue for 2015 would be about 10 percent below current expectations as the slump in oil prices hurts its ability to secure new business. "While short-term tendering activity will continue at a pace required to meet current demand, ou
Read more2 Dec 2014 07:54
Lamprell sells Middle East oil services business for $3m
Oil services group Lamprell is off-loading a non-core Middle East service business for $3m. Lamprell is selling Litwin PEL, an engineering and contracting company that serves the oil and gas, chemical and petrochemical industries in Abu Dhabi, to the Nauvata group of companies. The sale of Litwin,
Read more28 Nov 2014 14:03
Sector movers: Oil services bear the brunt of OPEC decision as outlook sours
Oil-related stocks were continuing to feel the impact from a recent plunge in crude prices on Friday, though companies in the energy-services sector were bearing the brunt of the selling pressure. The Organization of Petroleum Exporting Countries (OPEC) decided on Thursday not to scale back their pr
Read more24 Nov 2014 15:11
Sector movers: Petrofac profit warning sinks oil services stocks, OPEC meeting eyed
A profit warning from blue-chip oilfield services group Petrofac rattled the oil services, equipment and distribution sector in London on Monday, with stocks falling by an average 10%. There was nervousness ahead of a pivotal meeting of the Organization of Petroleum Exporting Countries (OPEC) on Thu
Read more21 Nov 2014 14:18
BUZZ-Bears on alert as OFS deal chatter gets louder
** More shorts could be squeezed out as M&A buzz around OFS cos hots up ** Some short covering has already been at work since announcement of Halliburton /Baker Hughes deal & Technip's offer to buy CGG, analysts say ** Amec Foster Wheeler & Petrofac 3rd & 4th most borrowed stocks on F
Read more13 Nov 2014 09:50
12 Nov 2014 09:07
Lamprell gets $365 mln rig contract from Abu Dhabi's NDC
Nov 12 (Reuters) - British rig maker Lamprell Plc received a new contract worth about $365 million from Abu Dhabi's National Drilling Co for two jackup drilling rigs. Lamprell's shares rose as much as 5.8 percent to 150.25 pence in morning trade. National Drilling also has the right
Read more21 Oct 2014 10:37
BUZZ-Lamprell: Up 7 pct on completion of second drill rig
** The drilling rig maker's shares up as much as 7.1 pct after it said finished construction of a second jack-up drilling rig in the Caspian Sea ahead of schedule. ** The company said the completion of the rig, which is expected to be delivered over the next month, enables it to release con
Read more21 Oct 2014 08:35
Lamprell expects windfall from rig completion
Oil services group Lamprell expects a financial windfall after completing construction of a second oil and gas rig for an unidentified client. Lamprell said it had finished building the Caspian Sea jackup drilling rig, the "Mercury", ahead of time, which meant it would be able to release contingenci
Read more